11 Electricity Companies Collect Over N800 Billion for Power Supply to 11m Customers in 2022

11 Electricity Companies Collect Over N800 Billion for Power Supply to 11m Customers in 2022

  • Distribution Electricity companies(Discos) collected over N800 billion in 2022 for power supply
  • The power supplied was to 11 million customers across the countries which include companies, government agencies, household
  • There are 11 electricity distribution companies in the country which include IKEDC, AEDC among others

The National Bureau of Statistics has announced that Nigerians, including companies and government agencies, paid a total of N828 billion for electricity in 2022.

This figure represents an 8.79 percent increase compared to the N761.1 billion paid in 2021.

NBS disclosed this in its latest electricity report published on its website on Tuesday, April 18, 2023.

Electricity companies in Nigeria
Electricity companies billed over 11 million customers in 2022 Credit: NERC
Source: Twitter

Monthly breakdown of electricity payment in 2022

  • January: N68.28 billion
  • February: N68.33 billion
  • March: N68.11 billion
  • April: N62.73 billion
  • May: N64.82 billion
  • June: N60.85 billion
  • July: N62.61 billion
  • August: N69.42 billion
  • September: N70.58 billion
  • October: N70.67 billion
  • November: N77.35 billion
  • December: N84.28 billion

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Disco Revenue in 2022

  • Abuja (AEDC): N125.67bn
  • Benin (BEDC): N68.27bn
  • Eko (EKEDC): N124.79bn
  • Enugu (EEDC): N70.74bn
  • Ibadan (IBEDC): N95.67bn
  • Ikeja (IEDC): N165.98bn
  • Jos (JEDC): N30.16bn
  • Kaduna (KDEDC): N28.27bn
  • Kano (KEDC): N47.86bn
  • Port Harcourt (PEDC): N56.96bn
  • Yola (YEDC): N13.67bn

Customers electricity payment

The Punch reports that the number of electricity customers in Nigeria increased from 10,937,488 in the third quarter to 11,058,265 in the fourth quarter of 2022.

The Ibadan Disco had the largest number of electricity customers in Q4 of 2022, with a rise from 2,176,067 customers in Q3 to 2,220,266 customers.

On the other hand, the Benin Disco witnessed a decrease in its customer base during the same period, going down from 1,259,771 customers in Q3 2022 to 1,186,922 customers in Q4 2022.

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On the list of DisCos with the highest number of electricity customers, Ikeja Disco ranked fourth behind Ibadan, Abuja, and Enugu DisCos in the third and fourth quarters of 2022.

UBA set to recover over N56bn debt with sale of Abuja Electricity Company

Meanwhile, in another report, UBA is planning to sell the Abuja Electricity Distribution Company (AEDC) to recover a debt of N56bn

The bank took over AEDC in December 2021 after its major stakeholder, Kann Consortium, defaulted on a loan

The planned sale has led to an increase in UBA's share price, as investors see it as a positive strategic move

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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